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Full-Text Articles in Social and Behavioral Sciences

Interest Rate Swap Valuation Since The Financial Crisis: Theory And Practice Jan 2026

Interest Rate Swap Valuation Since The Financial Crisis: Theory And Practice

Journal of Economics and Finance Education

The financial crisis of 2007-09 revealed the importance of counterparty credit risk in the valuation of non-collateralized interest rate swaps. In theory, these valuations rest on assumed default probabilities and recovery rates. These assumptions, however, should be reflected in the risk-adjusted discount rates of the counterparties. Thus, in practice, swap valuations can be generated by discounting prospective swap settlements using risk-adjusted discount rates, cash flow by cash flow. This article demonstrates this method, discerning risk-adjusted discount rates from data that are readily available on the Bloomberg information system. Critically, if the inputs for the two methodologies are mutually consistent, theory …

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On The Value Of Teaching Edgeworth Boxes In Introductory Economics Courses Jan 2026

On The Value Of Teaching Edgeworth Boxes In Introductory Economics Courses

Journal of Economics and Finance Education

Edgeworth boxes, which illustrate the movement toward equilibrium via trade, are almost universally relegated to intermediate microeconomics courses. I argue for their inclusion in introductory courses as a natural bridge between production / consumption possibility frontiers and supply / demand curves. When presented in an intuitive, graph-based fashion, the Edgeworth box model provides a supplementary illustration (to the Ricardian model) of trade as a Pareto improvement and emphasizes production for the purpose of utility via consumption rather than for its own sake. A course which only includes production as such is, therefore, incomplete.

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Face-To-Face Versus Online: A Comparison Of Student Performance In Introduction To Finance Courses Jan 2026

Face-To-Face Versus Online: A Comparison Of Student Performance In Introduction To Finance Courses

Journal of Economics and Finance Education

This study compares the performance of students taking Introduction to Finance classes in an online versus a face-to-face setting. The study included 995 students. The analysis compared dropout rates, exam scores, final grades, and case study scores. The dropout rates of students in the online classes was more than twice that of students in the face-toface classes. Students in the face-to-face classes received higher scores on their exams, case studies, and higher final grades, but the difference was small, less than the difference between the grade of a B and a B-.

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A Vanishing Gender Gap In Attitudes Toward Economics: A Pre- And Post-Course Analysis Jan 2026

A Vanishing Gender Gap In Attitudes Toward Economics: A Pre- And Post-Course Analysis

Journal of Economics and Finance Education

This study explores the gender gap in economics. A pre- and post-survey was conducted in three introductory classes in microeconomics to measure any observable difference in attitudes between male and female students toward the discipline. The pre-survey discovered that male students had a statistically significantly more positive attitude than female students in two of the four measures of student attitude, including the overall metric. The post-survey revealed no such difference in attitudes between the genders in any of the measures. These results were consistent in online class, traditional face-to-face class, and face-to-face honors class formats.

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The Topic Of Socialism In University Principles Of Economics Textbooks Jan 2026

The Topic Of Socialism In University Principles Of Economics Textbooks

Journal of Economics and Finance Education

Polls show that socialism is more accepted by the public than in many decades. University-age students are especially enthusiastic about socialism. Do economics textbooks address this important topic? This research surveys twenty university principles texts' coverage of socialism. We measure textbook coverage of socialism and characterize the coverage regarding various definitions of "socialism" and whether those definitions match current usages of the term. We also explore the coverage of the characteristics of socialism. We find that there is great variety in coverage, though scant coverage of the type of socialism that 49% of young people today view favorably.

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Using R Programming In A Financial Derivatives Course Jan 2026

Using R Programming In A Financial Derivatives Course

Journal of Economics and Finance Education

R is a popular and free programming language and software environment for statistical computing and graphics. We use a class project in an undergraduate financial derivatives course to introduce students to R programming. Specifically, through pricing options using the Black­ Scholes model and the multi-period binomial option pricing model, students learn to import and manipulate data in R, use R to do calculations, construct user-defined functions, and apply third-party packages in R. The inclusion of relevant technology through this project also serves to maintain our curriculum currency, and we obtain overwhelmingly positive student responses to the project.

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The Culture And Performance Of The International Graduate Student In The Finance Classroom Jan 2026

The Culture And Performance Of The International Graduate Student In The Finance Classroom

Journal of Economics and Finance Education

We examine the success of international finance graduate students using various academic metrics and starting salaries as proxies for "success." Developing a unique data set, we measure outcomes for a coterie of students from across the globe, considering such prosaic factors as age, gender, marital status, and undergraduate major. We employ Hofstede's cultural dimensions to frame results, suggesting dimensions of "cultural values" influence outcomes. We find graduate GPAs most powerfully anticipated by undergraduate GP As, likelihood of thesis completion predicted by GP A and Hofstede dimensions - Power Distance and Individualism. We find women, higher GPAs and GMATs earn higher …

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The Finance And Economics Women's Network (Few): Encouraging And Engaging Women In Undergraduate Programs Jan 2026

The Finance And Economics Women's Network (Few): Encouraging And Engaging Women In Undergraduate Programs

Journal of Economics and Finance Education

We describe a novel intercollegiate resource for engaging more undergraduate women in finance and economics programs. In response to the gender gap in undergraduate studies, we developed the Finance and Economics Women's Network (FEW) to support women majoring in finance and economics through FEW clubs. These clubs provide professional skill development and visibility for women in these professions through speaker events. Students run FEW clubs, and faculty advisors and community professionals support them. We also conducted a descriptive survey of students and report the responses. Finally, we provide a constitution template to facilitate the creation of FEW clubs.

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The Interaction Of Gender And Incentives In Active Learning: An Experimental Investigation Jan 2026

The Interaction Of Gender And Incentives In Active Learning: An Experimental Investigation

Journal of Economics and Finance Education

The economics and finance education literature includes a growing collection of active learning exercises that are an increasingly important part of the educator's toolkit. At the core of many exercises are incentives that either encourage competition or foster cooperation. Significant research in the educational psychology literature demonstrates that female students are more receptive to a collaborative learning environment. This paper presents results from an experiment investigating the learning implications of cooperative and competitive active learning exercises in the economics classroom. Findings suggest a gendered performance response to incentives in classroom activities and encourage further study on the topic.

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The Impact Of Teaching Financial Literacy To College Students Jan 2026

The Impact Of Teaching Financial Literacy To College Students

Journal of Economics and Finance Education

This study measures the learning outcomes and reported behavioral changes of students enrolled in a financial literacy course at a metropolitan university. A notable positive outcome is that 42 college students saved an aggregate of $30,198 in one 15-week semester. The average savings per student was $719. Many students began to save regularly, planned to start investing at a younger age, began to budget regularly, and decided that they would avoid the pitfalls of credit cards. The study results provide positive evidence for a possible solution to decrease the nation’s student loan debt, prevent money problems, and increase student retention.

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Increase Interest In Compound Interest: Economic Growth And Personal Finance Jan 2026

Increase Interest In Compound Interest: Economic Growth And Personal Finance

Journal of Economics and Finance Education

Compound interest is in the center of both economic growth and personal finance, but treated as independent topics in most economics textbooks. This educational note first defines economic growth and the main factors behind it. Then, figures and tables are applied to show the power of compounding growth (inflation and purchasing power adjusted) for select countries over the last centuries. Right after, growth future value calculation practice problems follow. After mastering four distinct variants of the compound interest formula, the paper’s focus moves to students and personal finance. The earlier formulas are now used to highlight the significance of long-term …

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Teaching Corporate Finance Using A Stock Trading Simulation: Student Expectations, Engagement, Performance, And Satisfaction Jan 2026

Teaching Corporate Finance Using A Stock Trading Simulation: Student Expectations, Engagement, Performance, And Satisfaction

Journal of Economics and Finance Education

This paper presents a stock trading simulation designed to be implemented in a Corporate Finance class. We survey students regarding their expectations for the class, engagement and motivation, and assessment of the game. We match the survey responses with student performance in the trading game and performance in the class overall. The survey results show that the stock trading game has a positive effect on student engagement. Furthermore, the participation in the stock trading game leads to a higher level of interest in future finance classes and careers in finance.

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Incorporating The Bloomberg Professional Terminal Into An Introductory Finance Course Jan 2026

Incorporating The Bloomberg Professional Terminal Into An Introductory Finance Course

Journal of Economics and Finance Education

This paper addresses a gap in the financial education literature regarding the use of the Bloomberg Professional Terminal in the classroom. As more and more Bloomberg Terminals find their way into colleges and universities, finance academics have responded by highlighting how the Bloomberg Terminals can be incorporated into upper level finance and economics courses. Unfortunately, a gap has been created as these papers do not address the use of the Bloomberg Terminal in introductory finance courses. This paper will provide a series of examples that provide the scaffolding needed to incorporate the Bloomberg Terminal into an introductory finance course.

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Duration And Convexity Using Polynomial Least Squares –Some Educational Aspects Jan 2026

Duration And Convexity Using Polynomial Least Squares –Some Educational Aspects

Journal of Economics and Finance Education

We apply polynomial least squares (PLS) techniques to the calculation of risk indicators for bonds and fixed income portfolios such as duration and convexity. These indicators can be easily obtained with few observations —three in the quadratic case, four for the cubic specification. PLS procedures can be calculated with matrix functions or with regression procedures readily available in spreadsheets. In this study we stress the educational advantages of the methodology. At the practical level, PLS procedures allow investors and analysts to calculate most important fixed income data indicators straightforwardly by simply collecting observations of market values for a bond or …

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Instructional Videos In An Online Mba Finance Course Jan 2026

Instructional Videos In An Online Mba Finance Course

Journal of Economics and Finance Education

We examine student viewing behavior of videos in a 100 percent online class. We find that on average students in the class only watch approximately 42 percent of the videos assigned. We find that students that spend more time viewing the videos for the course have higher final exam scores. Student perception of the usefulness of the videos also enhances their final exam score, indicating that students should be advised on the appropriateness of online course work given their learning style.

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An Excel-Based Approach For Teaching Markowitz’S Portfolio Optimization Theory Jan 2026

An Excel-Based Approach For Teaching Markowitz’S Portfolio Optimization Theory

Journal of Economics and Finance Education

This paper presents a simple method for teaching the Markowitz Portfolio Optimization topic. The use of Microsoft Excel or Corel Quattro Pro enables students and investors who do not possess a great deal of mathematical and programming expertise to identify meanvariance efficient portfolios which consist of more than two assets. Through this hands-on learning experience, students achieve a deeper understanding of the theory. The exercise also gives the students an eye opening lesson on the practical usability of spreadsheets.

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Through The Lens Of Life: Teaching Principles Of Economics With Humans Of New York Jan 2026

Through The Lens Of Life: Teaching Principles Of Economics With Humans Of New York

Journal of Economics and Finance Education

Stories create a direct and powerful connection between students and the course material, increasing their level of attention, bringing abstract economic concepts to life, and refining critical thinking skills. Humans of New York is a project that chronicles stories of ordinary New Yorkers. It provides an opportunity to connect students with illustrations and personal accounts of economics in the real world. This can reduce the abstract nature of theory and give students concrete examples of economic terms and concepts; in a way that reflects their own environment, culture, or experiences. We highlight these stories and show how to incorporate them …

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Keynesbiscuit, Marketariat, And The Fool In The Shower: Metaphors For Teaching Policy Lags In Macroeconomics Principles Jan 2026

Keynesbiscuit, Marketariat, And The Fool In The Shower: Metaphors For Teaching Policy Lags In Macroeconomics Principles

Journal of Economics and Finance Education

Principles of macroeconomics textbooks devote a great deal of space to countercyclical fiscal policy, but generally provide only scant coverage to factors that make its application difficult in the real world. In fact economists are generally skeptical of the ability of fiscal policy to smooth the business cycle because of the policy-lag problem. This paper provides a metaphor—a horserace between active policy and the selfcorrecting mechanism—that can help students move into the higher levels of Bloom’s taxonomy of learning (analyzing, synthesizing, and evaluating) with respect to fiscal policy. The metaphor can be extended to include discretionary monetary policy as well.

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Beyond Grades: Using Incentives To Motivate Students Jan 2026

Beyond Grades: Using Incentives To Motivate Students

Journal of Economics and Finance Education

Economists study how incentives motivate human behavior. However, besides grades, professors do not frequently employ incentives to motivate students in the classroom. This may be because expenses associated with classroom incentives often remain unreimbursed or because other implementation costs are high. In this paper, we demonstrate methods educators can use to motivate student behavior while minimizing costs. We identify a range of options that include: incentives appropriate for large sections, an effective monetary incentive system suitable for smaller classes, tips for using an assortment of non-monetary incentives, and methods for leveraging social capital to motivate student learning and engagement.

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A Pedagogical Note On The Dynamics Of Capital Market Efficiency For The Introductory Finance Course Jan 2026

A Pedagogical Note On The Dynamics Of Capital Market Efficiency For The Introductory Finance Course

Journal of Economics and Finance Education

Introductory finance textbooks commonly address capital market efficiency from a largely static perspective with little or no attention to the dynamics that bring the price of a security into equality with its intrinsic value. This note offers a simple pedagogy to illustrate the process by which capital market efficiency will return a stock’s price to equal its true value and simultaneously bring the expected rate of return on the stock into equality with the market’s required return.

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Portfolio Optimization Incorporating The Capital Allocation Line: A Comprehensive Undergraduate Investments Course Project Jan 2026

Portfolio Optimization Incorporating The Capital Allocation Line: A Comprehensive Undergraduate Investments Course Project

Journal of Economics and Finance Education

This paper covers a project in which beginning investment students collect price and dividend data and calculate various returns for five companies, a fund and the stock market. After forming a portfolio they calculate risk measures, determine Jenson’s alpha, Sharpe and Treynor values and the return based on the Capital Asset Pricing Model. The students calculate two-stock frontiers and a frontier comprised of potentially all five stocks, incorporate the Capital Allocation Line (CAL) and determine the optimal portfolio. Finally, they calculate dollar amounts to invest in the riskless asset and risky stocks to accomplish dominant points on the CAL and …

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Using Bloomberg Terminal In Corporate Finance Courses Jan 2026

Using Bloomberg Terminal In Corporate Finance Courses

Journal of Economics and Finance Education

In this paper, we explore the use of the Bloomberg Professional data service in teaching corporate finance subjects. Integrating the Bloomberg service with teaching enables corporate finance faculty to improve teaching effectiveness and helps business schools meet the Advance Collegiate Schools of Business (AACSB) standards. Following essential corporate finance topics outlined in frequently adapted textbooks, we present detailed information on how to collect useful information and data from Bloomberg to assist the teaching of these topics.

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Financial Literacy In The Community College Classroom: A Curriculum Intervention Study Jan 2026

Financial Literacy In The Community College Classroom: A Curriculum Intervention Study

Journal of Economics and Finance Education

Urban Community College asked the Federal Reserve Bank of St. Louis to develop a financial literacy curriculum unit for its New Student Course. The unit was taught in 62 randomly selected sections, with 31 of those serving as the control group. We evaluated the effectiveness of the unit based on student pre-test and post-test scores. We found that student pre-test scores, academic ability, teacher experience, and participation in the unit were statistically significant predictors of student post-test scores. On average, students taught the financial literacy curriculum unit scored about 7 percentage points higher than students who were not.

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Honor Codes And Perceptions Of Cheating Jan 2026

Honor Codes And Perceptions Of Cheating

Journal of Economics and Finance Education

To reduce cheating and strengthen honor codes, penalties for violations and enforcement have been enhanced, but the outcomes of those actions are uncertain and academic dishonesty remains a concern. Research affirms widespread cheating and no clear remedy exists. We analyze how a change in an honor code can impact academic dishonesty. We find an increased awareness and vigilance to prevent cheating by students may lead to a reduction in cheating through an increase in the certainty of punishment. Moving from an honor policy toward a traditional honor code is only one step in creating a culture of honesty.

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What Cosmo Kramer Can Teach Us About Optimal Stopping Times Jan 2026

What Cosmo Kramer Can Teach Us About Optimal Stopping Times

Journal of Economics and Finance Education

The real option literature on investment provides insights into firms’ decisions to enter and exit markets. This literature emphasizes the role of fixed costs of entry, the salvage value of exit, and uncertainty. A major implication of this literature is that it is often optimal to wait. Nonetheless, since the overwhelming majority of this literature uses models with uncertainty, students are often unclear as to the role of each of these components in determining the value of the option to wait. In this paper, I explain the role of uncertainty and costs/salvage value by considering the question: “When is it …

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Shifts In Supply And Demand And The Corresponding Changes In Equilibrium Price And Quantity: Explaining The Process Jan 2026

Shifts In Supply And Demand And The Corresponding Changes In Equilibrium Price And Quantity: Explaining The Process

Journal of Economics and Finance Education

Most textbooks are incomplete or potentially confusing in their treatment of the dynamic process resulting from a change in demand or a change in supply. While they are not incorrect in their comparative statics results, they can leave students unclear about the process involved. The authors suggest an approach that addresses the deficiency.

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Teaching Collective Action Problems Without Contextual Bias: The Red/Green Simulation Jan 2026

Teaching Collective Action Problems Without Contextual Bias: The Red/Green Simulation

Journal of Economics and Finance Education

Collective action problems are at the heart of many economic issues. Often, students have trouble comprehending how society ends up with a less than optimal outcome, and may incorrectly assume that someone must want the outcome that occurs. Correcting this error is made difficult by the biases that students bring to these issues. The Red/Green simulation demonstrates the tension between self-interest and the social good in a context-free manner allowing students to see that these sub-optimal outcomes may not be desired by anyone, but instead can result from unhealthy systems of incentives.

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Presenting Economic Sanctions In The Classroom: The Case Of Iran Jan 2026

Presenting Economic Sanctions In The Classroom: The Case Of Iran

Journal of Economics and Finance Education

The Iran Deal’ ended long standing sanctions levied against Iran by the United States, European Union and United Nations in 2015 for dismantling its nuclear program. This paper presents an approach to teaching economic models of sanctions, and applies it in the context of lifting Iranian sanctions. We start with a simple production possibilities frontier approach to analyzing sanctions, followed by welfare analysis of import and export restrictions on US and Iranian economies. The paper provides a presentation and links to useful resources that can be used by instructors teaching undergraduate courses in introductory economics, intermediate microeconomics and international economics.

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Economics Of The World Beyond The Textbook: Two Methods For Teaching Jan 2026

Economics Of The World Beyond The Textbook: Two Methods For Teaching

Journal of Economics and Finance Education

Visiting historical sites, local markets, or businesses can help students in an economics class connect abstract ideas to three-dimensional realities. We relate our experience with two types of trips: one focused on regional history and one in which students visited representative businesses. With some guided questions, the students are able to identify the forces of supply and demand at work in their own lives and communities.

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Dollars Per Pound Or Pounds Per Dollar? Using The Kumon Method To Increase Student Understanding Of Topics In International Finance Jan 2026

Dollars Per Pound Or Pounds Per Dollar? Using The Kumon Method To Increase Student Understanding Of Topics In International Finance

Journal of Economics and Finance Education

In this work I use the Kumon method in International Finance to help students become proficient on basic course topics. This lets them achieve a stronger foundation and allows them to focus on more complex course topics without struggling with the basics. Students improve their skills on the basic course topics using the Kumon-type worksheets. The majority agreed that the worksheets helped their overall understanding of International Finance.

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